california first natl bancor (CFNB) Snapshot

California First National Bancorp announced unaudited consolidated earnings results for the third quarter and nine months ended March 31, 2013. For the quarter, the company reported total direct finance, loan and interest income of $5,442,000 compared to $5,761,000 a year ago. Net direct finance, loan and interest income was $4,735,000 compared to $5,125,000 a year ago. Earnings before income taxes were $3,394,000 compared to $3,417,000 a year ago. Net earnings were $2,101,000 or $0.20 per basic and diluted share compared to $2,118,000 or $0.20 per basic and diluted share a year ago. Third quarter results benefited from 22% growth in the average investment in the lease and loan portfolio and 25% increase in non-interest income, but were impeded by the continued drop in average yields earned. Investment income declined by $180,000 as average investment balances were down 12% to $106.1 million and average yields were reduced by 34 basis points. For the nine months, the company reported total direct finance, loan and interest income of $16,086,000 compared to $17,809,000 a year ago. Net direct finance, loan and interest income was $14,205,000 compared to $15,483,000 a year ago. Earnings before income taxes were $8,908,000 compared to $10,754,000 a year ago. Net earnings were $5,448,000 or $0.52 per basic and diluted share compared to $6,667,000 or $0.64 per basic and diluted share a year ago. The 20% decline in investment income to $1.9 million for the first nine months of fiscal 2013 reflects the utilization of cash to invest in leases which brought average cash and investment balances down 23% to $114 million and increased the average yield by 11 basis points to 2.26%.

California First National Bancorp has inked a deal to move its Irvine headquarters about a half-mile away. The company, the parent of California First National Bank and California First Leasing Corp., signed a five-year lease in excess of $3.2 million for about 36,000 square feet at 28 Executive Park. The company is expected to move into the space by September.

Robert A. Hodgson, Senior Vice President of Tax and Accounting and principle accounting officer for the California First National Bancorp, is departing effective February 15, 2013. On February 12, 2013, the Board of Directors appointed S. Leslie Jewett, Executive Vice President of the Company and President of California First National Bank to assume responsibilities as principal accounting and financial officer for the Company. Ms. Jewett has been with the Company since 1991 and previously served as Chief Financial Officer and principal accounting officer of the Company until October 2011.